Home News Capital Square drops $1M for site of future HQ in Short Pump

Capital Square drops $1M for site of future HQ in Short Pump

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A rendering of a planned new office building in West Broad Village. (Henrico County document)

One of the busiest real estate companies in town has locked down the site of their future home.

Capital Square, now based in Innsbruck, purchased an acre of land in West Broad Village earlier this month and plans to build a 65,000-square-foot office building there to serve as its new headquarters.

We paid $1.5 million for grassland in the middle of a mixed-use development anchored by Whole Foods at 2301 Old Brick Road.Capital Square Submitted plan for office project Earlier this year.

The grassy area of ​​West Broad Village has had an outdoor ice skating rink for the past few years.

The seller is Chicago’s Shopcore, which recently sold most of its West Broad Village commercial building to a Florida company. $94 million.

Capital Square’s deal came almost exactly one year after the purchase of 339 units. Flat at West Broad Village $111 million apartment.

It’s unclear when Capital Square will relocate. President Mike Waddell said in an email that the company’s next step is to finalize the design of the building and time construction to begin “when market conditions are more favorable.”

The West Broad Village deal wasn’t the only deal Capital Square made in Henrico this month.

Most recently, it sold the Hickory Creek Apartment Complex at 2344 Hickory Creek Drive in the West End to North Rock Corporation of Utah for $65 million.

The transaction adds an additional 294 units to NorthRock’s rapidly growing portfolio of local holdings. Since 2020, the Salt Lake City-based firm has spent his $361 million on his 1,500 apartments in the Richmond area.

Other local holdings include Glenmoor Oaks Magnolia Green Apartments Inslake Place an apartment in Innsbruck, and The Point at Beaufont South Richmond apartment.

The Hickory Creek sale closed on October 24th. Capital Square has owned the complex since he paid $45.6 million in 2019, according to county records.

Capital Square has been mostly in a buying mood in recent years, but there have been record deals like the acquisition in September. Tapestry West Apartment, Not afraid to sell at the right time.last year it was Maple Springs Apartments $35 million in Henrico.

Waddell said the company simply viewed the Hickory Creek apartments as “an opportunity to get great prices with strong financial results for investors.”

“We believe these opportunities will be limited in the current environment over the next few months,” said Waddell.

Capital Square is also working on several large-scale development projects in the city, including: otis and soon N. Chasen & Son Redevelopment Scott’s Addition project.

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